UTStarcom Announces Voluntary Review of Equity Grants
ALAMEDA, Calif., Nov. 7 /PRNewswire-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI), a global leader in IP-based, end-to-end networking solutions
and services, today announced that it has commenced a voluntary review of its
historical equity award grant practices under the direction of the Nominating
and Corporate Governance committee (the 'Committee') of the board of
directors. The Committee is being assisted by independent legal counsel and
independent accounting consultants.
Postpones Third Quarter Earnings Release Pending the Completion of the Review
As part of this process, the Company has informed the staff of the
Securities and Exchange Commission about the commencement of the review. To
date, no conclusions have been reached about whether the Company will need to
record any non-cash adjustments to its financial statements related to prior
The Committee will make every effort to complete the review as soon as
possible. The Company will not announce its third quarter results or file its
Quarterly Report on Form 10-Q for the quarter ended
after completing the review. The Company does not expect the review to be
completed by the filing deadline for the Company's third quarter 10-Q,
the review is completed the Company will share the findings with the
investment community and set the date for the third quarter earnings report.
This release includes forward-looking statements, including the foregoing
statements regarding the anticipated timing for the Committee to complete its
review of historical equity award grant practices. These statements are
forward-looking in nature and subject to risks and uncertainties that may
cause actual results to differ materially. UTStarcom also refers readers to
the risk factors identified in its latest Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, as filed with
the Securities and Exchange Commission
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The company sells its broadband,
wireless, and handset solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables its customers
to rapidly deploy revenue-generating access services using their existing
infrastructure, while providing a migration path to cost-efficient, end-to-end
IP networks. Founded in 1991 and headquartered in Alameda, California, the
company has research and design operations in the
For more information about UTStarcom, visit the company's Web site at
SOURCE UTStarcom, Inc.